4 Bookkeeping For Small Business Habits You Should Adopt For Success
Bookkeeping For Small Business – Every entrepreneur should adopt a set of habits that can help him or her not only make their business more profitable, but also easier to manage. Every day is an opportunity to build up that arsenal of tips to make your small business run smoother and more successfully. To help get you started, Your Bookkeeping Department is here to help with a few tips we’ve amassed through the years of running our own company as well as helping others profit from theirs.
Outsource your bookkeeping for small business services, but stay involved.
To keep cash flow going and track your expenses correctly, you’ll need to hire a professional bookkeeper. However the tip here, is to not be completely hands-off. Sure, you want to outsource some of the bookkeeping responsibilities, after all you’re no bookkeeper, you’re a small business owner with your own talents. But, remain involved.
Keep track of all expense with receipts and statements from various sources
If you don’t track what you’re spending, how can you know for sure what you ARE spending. You may think credit card statements are enough, but surely there are things you purchase for your small business that you pay cash or through other means such as direct wires, PayPal accounts, debit cards and checks. It’s important you keep every receipt from the cab you paid to get to the airport for business travel to the cash you used for last minute office supplies or even a team lunch.
When it comes to invoicing, keep track of the status when bookkeeping for small business
Receivables are the other side of that same coin (mentioned above). Keeping track of what’s coming in is as important as what’s coming out when it comes to bookkeeping for small business. Invoicing your clients correctly is just one part of the receivables department, making sure they’re paid is another.
Leave tax returns to the professionals
As a small business entrepreneur, you may be able to do track a few numbers here and there, but when tax season comes around, make sure you’re dealing with professionals. Accountants and expert bookkeepers like Manal Oliver from Your Bookkeeping Department have various certifications that can help make tax season a breeze. For example, Manal is an accountant with over three decades of experience and is active in various communities such as the National Association of Tax Professionals.
If you need help with bookkeeping for small business services, don’t hesitate to call Manal Oliver at Your Bookeeping Department at 305.868.7620